For many consumers computing system implemented software and/or web-based financial management systems have become the mechanism of choice to monitor the consumer's financial activity including, checking various account balances, implementing budgets, and paying bills. Examples of web-based financial management systems include any of the web-based banking sites available on the Internet and that are now offered by virtually every major bank in the country. Using web-based banking sites, the account holder can perform a plethora of tasks including, balance monitoring, bill payment, balance transfers, etc., all from any traditional or mobile computing system/device and/or network access tool/device.
Examples of computing system implemented financial management software systems include any of the currently available computing system implemented personal and small business financial management software systems. Current computing system implemented personal and small business financial management software systems are typically software applications which, along with a parent computing system or device, provide a user with a centralized interface with banks, and other various financial institutions, for electronically tracking financial transactions to allow a user to, for example, balance checkbooks, pay bills, track expenditures, create and manage budgets and transfer money between accounts. Computing system implemented financial management software systems have enjoyed increased popularity as their capability has increased and the complexity of the average household's, or small business's, finances have also increased.
Herein, computing system implemented financial management software systems and web-based, networked, and/or Internet-based, financial management systems are referred to collectively as computing system implemented financial management systems.
Currently, several computing system implemented financial management systems include automatic payment and/or bill presentment features that provide a user with the ability to schedule bill payments from selected checking, savings, or other asset-based and/or credit-based accounts using automatic payment guidelines or “rules” established by the user and/or the provider of the automatic payment and/or bill presentment feature. Currently, these automatic payment rules typically include: automatic payment of a recurring bill to the same payee, for the same amount, on a periodic basis; automatic payment of a recurring bill to the same payee, for a variable amount, up to a predefined limit, on a periodic basis; automatic payment of a recurring bill to the same payee, in the amount of a minimum balance due, on a periodic basis; and automatic payment of a recurring bill to the same payee, for a variable amount, to be paid in full on a periodic basis.
Current computing system implemented financial management system automatic payment and/or bill presentment features have, without question, provided a valuable capability to both users and financial institutions. In addition, automatic payment and/or bill presentment features have proven a favorite feature of financial institution customers. However, as discussed above, current computing system implemented financial management systems use automatic payment and/or bill presentment features with automatic payment rules that are typically strictly directed to the automated payment of specific payees and/or bills, and are centered on the single goal of making the automatic payment, without regard for any other financial goals or needs of the user. Consequently, current automatic payment and/or bill presentment features offer the user little or no help with the actual budgeting and planning process.
Recently, computing system implemented financial management systems have been introduced which include a projected balance feature. A projected balance feature calculates and estimates a projected balance of a selected account, such as a checking or savings account, at any designated future date or time frame, such as a particular day, week or month. Typically the projected balance is calculated using historical data about the account such as: current balance in the account; recurring deposits to the account, such as a weekly, biweekly, or monthly paycheck, or any other type of deposit made into the selected account on a recurring periodic basis; recurring withdraws, outflows, and bill payments made out of the account on a recurring periodic basis; pending activity, such as written but un-cashed checks; and/or any other recurring and/or user designated activity involving the selected account. The emergence of the projected balance feature in computing system implemented financial management systems provides users with potentially powerful budgeting capabilities that were previously unavailable.